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Thursday, January 26, 2012

House Bill 87/SB 152

Since 1913 the Maryland Tax code has allowed and protected mortgage interest deduction. Governor Martin O'Malley has proposed a budget that will reduce the amount of mortgage interest deduction (House bill 87/SB 152) that some Marylander's can receive.

Maryland would be the first state to reduce the mortgage interest deduction. This bill may further delay the real estate recovery for Maryland and create less incentive for home ownership, which is something that Maryland can not afford to let happen.

In my opinion this bill will cause more damage to the state economy than any good from the revenue it will generate.